A step-by-step guide on how to buy & store the Golem (GNT) cryptocurrency

What is Golem?

Project Golem will be a global, open sourced, decentralized supercomputer that anyone can access.

What are GNT coins?

Golem coins are the gas for the Golem engine.

Disclaimer

DO NOT BASE ANY INVESTMENT DECISION UPON ANY MATERIALS FOUND ON THIS SITE. The author is not registered as an investment adviser either with the U.S. Securities and Exchange Commission (the "SEC") or with the U.K. Financial Conduct Authority (FCA). The author is neither licensed nor qualified to provide investment advice. This guide is not and should not be interpreted as investment advice, a recommendation regarding a course of action or as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative and complex, and they involve significant risks­—they are highly volatile and sensitive to secondary activity. Performance is unpredictable, and past performance is no guarantee of future performance. Consider your own circumstances and obtain your own advice before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators' websites before making any decision. The author may have holdings in the cryptocurrencies discussed. All product names, trademarks, brands, photographs and logos are the property of their respective owners.

How to buy Golem

Important notes: The links in this guide are correct as to the best of our knowledge. It is your own responsibility to double check that clicked links look correct in your browser bar, and that any wallet you install on your computer is from a legitimate source.

It's highly recommended to have quality virus/malware protection on your computer, such as Bitdefender, before buying cryptocurrencies.

For this guide we'll be using the easiest & most convenient wallet option for storing your Golem coins- provided by MyEtherWallet (which can store any coin on the Ethereum blockchain, including Golem).

Go to myetherwallet.com and enter a password that would be hard to guess (but which you won't forget!).

Note: if you forget this password you might lose access to your coins.

Press 'Create New Wallet'.

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Click 'Download Keystore File'. Be sure to read and understand the warnings.

It's very important that you back this file up somewhere safe (think multiple external hard drives and/or USB drives that you put somewhere safe).

Once you've done that, click 'I understand. Continue.'

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Now you will be given a powerful unencrypted private key to your wallet.

Note: Never give your private key to anyone. If you do, they can open your wallet and take your coins.

Consider printing out your private key and storing it somewhere safe- then deleting all references to it from your computer. Why? Because sometime in the future you might get a virus, or malware, or visit a website with an advert that has malicious code.

These things will target a private key, as it's an easy way to open your wallet and steal your coins.

So why print out your private key at all, if it's so insecure? Because it's your last resort. If you lose your keystore file (e.g. your computer gets wiped or damaged), or if you forget your password, with your unencrypted private key you can still access your account as a last resort.

There is also an option to print a paper wallet (which displays everything you'd need to access your wallet).

If you choose to print this, treat it just like the Keystore file you just downloaded- keep it hidden and keep it safe.

Next, click 'Save your address'.

Important Note: We all hear of computers and phones being hacked. Websites running illicit code to steal passwords. Phishers tricking people into clicking links that steal information from their computers.

Another line of defence to keep our coins from being siphoned out of our wallets is essential.

And that's a hardware wallet.

Hardware wallets plug into your computer like a USB stick, and they have one job- to be a firewall between your Golem and the outside world.

To do this, they encrypt the private keys to your cryptocurrency wallets so that no-one- not even you- can know them. That way only someone with physical access to your hardware wallet- and who also knows its password- has a chance to access and move your coins.

Which hardware wallets support Golem?

Hardware wallets made by Ledger and Trezor support the storage and sending of Golem.

There are also some other exchanges (but without step-by-step guides) listed here.

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If you use this link to sign up to Coinbase we'll both receive ten dollars of free coins when you spend over $100 (or the equivalent in your currency).

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Press the 'sign up' button and fill out your name (make sure this is exactly how it's written on your photo ID), email and a password.

Just like a US bank, Coinbase is regulated by the US government, and has to follow strict financial rules. So they take verifying your identity very seriously. It's a pain, but it does give Coinbase a reputation for being the most trusted way to convert fiat currency to cryptocurrency.

To verify your account you must supply a phone number, upload an image of your photo ID and verify a credit/debit card or bank account before you can buy.

Use your selected method of authentication to generate the number and write it in the box. Press 'Confirm'.

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You will be sent an email to confirm the withdrawal.

Go to your personal email and click the link Cex.io has sent you. This will send the coins on their way.

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Go back to LocalBitcoins.

You should still be in your wallet page.

In the box labelled 'Receiving Bitcoin address' paste the Ethereum wallet address we just copied from Binance.

Enter the amount of Bitcoin you're sending.

Press 'Continue'.

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You will be asked to enter your password to confirm the send.

Once entered, press 'Send from wallet'.

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You will be taken back to your wallet and a message will appear to confirm the Bitcoin has been sent.

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Hopefully you're now verified on Coinmama, so log into your account and press 'Buy Ethereum'.

You will be presented with some buying options- you can either choose to purchase a preset amount, or at the bottom of the page enter the amount of Ethereum you want, or currency you want to convert to Ethereum.

Once you're satisfied with the amount, press the 'Buy Ethereum' button.

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You will be asked to supply your Ethereum wallet address. Input the wallet address that you copied from Binance.

Press 'Go to payment'.

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You will be asked for your credit/debit card details. Input them and press 'Pay Now'.

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You may be informed that Coinmama has received your order but 'are reviewing the order and making sure you're really you.' This just means they're double checking your credit/debit card information to your personal information to be sure this is a legitimate purchase.

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Once they've confirmed everything, you will be sent an email to confirm the purchase. Go to your inbox, find the email and double check it shows your correct Ethereum wallet address you copied from Binance. When you're happy, click the confirmation link in it.

Coinmama will now send your coins to your wallet address.

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Now we've got to wait a few minutes for the coins to move across the network.

Unless there's an unusually large network backlog, the coins will take between 20 and 60 minutes to appear in your Binance wallet.

Binance will update automatically so there's no need to refresh the page.

While you're waiting, consider sharing this guide with your friends and followers to spread the word about
Golem, encouraging its popularity and value to grow.

Once the Ethereum shows in your 'available balance' we're ready to trade for Golem.

Click here to jump straight to the GNT/ETH exchange market on Binance.

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The exchange page can look overwhelming at first, but don't worry, we're only going to use a small part of it.

There are two ways of buying coins:

A 'Limit' order, which lets you manually set the price at which you want to buy GNT.

A 'Market' buy, which fills your order automatically at the best price available.

As market buy is the simpler of the two options we'll go with that.

Look for the big green 'Buy GNT' button.

Above it, click the 'Market' option.

In the input box marked 'Amount' you now need to fill in how many GNT you'd like to buy. It may be easier to use the percentage buttons below the input box- for example, press 50% if you'd like to exchange 50% of your Ethereum for GNT.

When you're happy with the amount, press the buy button.

Your order will be filled immediately.

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Hover over 'Funds' along the top menu, then click 'Balances'.

In the search box, type GNT. You will now see your new GNT in your GNT wallet.

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If you're comfortable with it, you could just leave your coins on Binance and they would probably be safe. However, exchanges have been hacked in the past, and people have lost coins, so we do recommend you keep them in a personal wallet. Here's how:

Note: You CANNOT store Ethereum tokens, such as Golem, on Coinbase. If you send your Golem to Coinbase you will lose them.

If you've set up two-factor authentication, you will be asked for a code from your phone. Enter it and press 'Submit'.

You will be sent an email to confirm the withdrawal.

Go to your email and click the link that has been sent to you.

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Go back to MyEtherWallet.

You should now see the Golem (abbreviated to GNT) in your wallet under 'Token Balances'.

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One note of importance is that the example wallet in this guide has no Eth in it. Why is that important?

Golem coins exist as a token on the Ethereum network. To move Golem coins across that network costs 'gas', which are in the form of Ether coins. If in the future you want to move your Golem coins to another address, you're going to need some of those Ether coins to power the transaction.

You already know how to buy Ether, but you can use this guide if you're still unsure how to move them to your personal wallet.

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What about when you're ready to sell your Golem?

You simply reverse the order of tasks you performed in this guide.

For example, you send your Golem to Binance, exchange it for Ethereum, send that Ethereum to
CoinbaseCex.ioCoinmamaLocal Bitcoins and sell it for your preferred currency.

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